XRP, ether lead crypto losses as traders eye $70,000 bitcoin next
Cryptocurrencies like Ether and XRP saw losses as Bitcoin struggled to break through the $65,000 resistance level. Market analysts are watching the $70,000 mark as a potential turning point for sentiment, while broader markets react to rising bond yields and oil prices.
Why it matters
The analysis provides insight into current crypto market sentiment and how macroeconomic factors like inflation and oil prices are influencing digital asset performance.
Ether was the weakest major, down over 2% to $1,878, though it remains slightly higher over seven days. XRP fell almost 2% to $1.01 and is down almost 6% on the week, the worst of the group by some distance. Solana eased under 1% to $76 but leads the week at 3%. BNB slipped to $600 and holds a 2% weekly gain.
Three majors went the other way. Hyperliquid's HYPE rose almost 2% to $55, tron gained slightly to 33 cents and dogecoin was marginally higher at 7 cents.
Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin has been testing $65,000 for four straight days without any surge in buying as it approaches the round number.
More telling is the absence of selling into it, which he read as "a build-up of short positions well above this level" rather than holders taking profit.
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